The Good, Bad and Ugly about Baby Boomer’s Future

I have good news and bad news about our future that we need to be aware of. The good news is that we are a huge force to be reckened with as baby boomers number 78 million. Plus, we are the wealthiest Americans in the United States history with assets estimated to be $1 trillion dollars. The bad news is that we will be retiring or semi-retiring in 5-10 years and only 1 in 10 of us is truly affluent with incomes over $150,000.

More bad news. Baby boomers may outlive their assets. Boomers hope to retire and live their lives much as they did before. However, according to Ernst and Young, three out of five retirees will have to cut back and live more modestly after they quit working. If we live to be 90 or 100, there is a good chance that inflation and unsteady investments will cause our assets to expire before we do. In addition, married couples are more likely to outlive their nest egg, due to their increased longevity over single households.

Now to some good news. We are the Internet’s largest constituency with 72% of households being computer savvy. This means that baby boomers are not going down without a fight. Many of us (including myself) have developed websites and blogs to share our expertise, have written books or are off on new careers or ventures that follow our passion. This drive has the potential to increase and supplement our income allowing us to live more comfortably and more fulfilled.

I’d love to hear about your projects…

Amy Sherman, LMHC, is a licensed mental health counselor in private practice. Amy is the author of the ebook, “Distress-Free Aging: A Boomer’s Guide to Creating a Fulfilled and Purposeful Life” and “The Joy of Optimism 10-Lesson eCourse. Visit www.bummedoutboomer.com to learn more about boomer issues and to receive a Special Report on Overcoming Adversity when you sign up for her FREE newsletter. Contact her by email at amy@bummedoutboomer.com or by phone at 561) 281-2975